the state run oil company has already won the contract to double up a huge oil field near the city. >> iraq is new market. it's booming for oil and gas. i see the risk. they're so nice. >> reporter: security remains precarious since the start of the 2003 iraq war. a string of terrorist attacks rock the country after the last u.s. troops pulled out a year ago. three major ethnic and religious groups are still jostling for control of political power, territory and all revenues. >>> north korea has announced it will extend the period for iraq's oil men minister has set an ambitious target. launching what it calls a >> translator: we welcome companies and want to show them what they can do to develop basra. >> reporter: iraq is now in a better position to attract investment with neighboring iran conquered by sanctions on its nuclear program. satellite carrying rocket by one it has overtaken iran to become the second largest opec producer. there's no doubt the energy sector hold the keys to iraq's reconstruction and the world energy supply. >> that's the latest in business headlines for th